Indiana Standard plans to spin off its minerals unit.

The spinoff of shares in the subsidiary will go to Standard shareholders in a tax-free distribution later this year. Called Cyprus Minerals Corp., the firm would own and operate substantially all of Standard’s existing metals, coal and industrial minerals assets. Standard Oil Co. (Indiana) acquired many of the assets in 1979 when it purchased Los Angeles-based Cyprus Mines Corp. Richard M. Morrow, Indiana Standard chairman and chief executive, said the spinoff reflects Standard’s decision to concentrate management time on its core businesses in the oil and gas and petrochemical industries.